Real Estate Math
A Delaware seller accepts $495,000. They owe $290,000 on their mortgage, pay a 5% commission, and have $6,500 in closing costs. What are the seller's net proceeds?
A$173,750✓ Correct
B$152,500
C$145,000
D$169,250
Explanation
Commission = $495,000 × 0.05 = $24,750. Total deductions = $290,000 + $24,750 + $6,500 = $321,250. Net proceeds = $495,000 − $321,250 = $173,750.
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